Tuesday, May 31, 2005

Explanatory Note on the AIG article

The AIG article was put up for each reader to reflect on. When this coalition was first organized, one of the questions put on the floor was "How far are we willing to go to prosecute this fight?"

If fraud and pyramid scams have become commonplace in our country, it is also because we are to blame by allowing these things to happen.

"It doesn't affect me, why should I get involved?", is a common refrain.

As a result of this nonchalance, if not apathy, swindlers go scot free. For example, when was the last time you saw a bank executive go to jail for the failure of his bank. We must have had fifteen closures over the last fifteen years and not a single conviction.

The SEC report stares us in the face because it is as factual as they come.

Fraud and bad faith are conclusions that now form part of that report and are now in the public record. We are certainly beyond the stage of pushing and shoving. YGC has pushed very hard (and will continue to pull every dirty trick out of its black bag) to deprive planholders of their entitlements and was caught red-handed. Question is, how hard do we shove back and what are we going to do now that the SEC report has spelled everything in black and white and all we need to do is to draw the right conclusions?

Will it ultimately be another case of "pusong mamon" and take pity at the last moment on the perpetrators? These perpetrators will most likely be people we know, we are friends with, or we are even related to.

If we are truly fighting for our children, then we should look to set an example. True justice and equity can only happen if there is also resolve and a strong measure of sternness to see and desire that the punishment meted out.

If we have impoverished our country it is because we, the people that can make a difference, have allowed our system of government and justice to be dysfunctional. That's why YGC had the guts to attempt this misadventure in the first place -- to take value away from us and to squirrel it away for themselves. That story is as old as the story of our moneyed elite.

This fight is as much a test and judgement on YGC, its individual and collective character and ethics, as it is on ourselves.

173 Comments:

At Tuesday, May 31, 2005 11:35:00 AM, Anonymous Anonymous said...

I would suggest you send this as a letter to the editor to the major dailies including Business World and Entrepreneur Magazine (local edition)

 
At Tuesday, May 31, 2005 11:35:00 AM, Anonymous Anonymous said...

“All that is necessary for the triumph of evil is that good men do nothing.” (Edmund Burke)

 
At Tuesday, May 31, 2005 11:42:00 AM, Anonymous Anonymous said...

To YGC insiders,
Have you noticed that from the battlecry "HONOR YOUR OBLIGATION", it has now turned to "JAIL THE GUILTY PARTIES"?

This should tell you the direction where the wind is blowing. Your bosses made matters worse by enraging the planholders with lies and deception.

If you know of any wrongdoing, please step forward to avoid being accused of connivance with the guilty parties.

 
At Tuesday, May 31, 2005 12:06:00 PM, Anonymous Anonymous said...

Gilbert Macabio does not reply to my texts.

Hey Gilbert! Just send me the membership form. Remember me? I was one of your clients who bought PEPTrad sa iyo. Kilala mo ako, kasama mo ako dati eh. I remember nga pag inuutusan ka ni Bos sa field auditing, pagbebenta ang ginagawa mo nun.

 
At Tuesday, May 31, 2005 12:44:00 PM, Anonymous Anonymous said...

http://www.spynewsmanila.blogspot.com/

READ THE POSTINGS HERE AND REALIZE THE PROBLEM OF PRE-NEED

 
At Tuesday, May 31, 2005 3:36:00 PM, Anonymous Anonymous said...

Gilbert Macabio does not reply to my texts.

Hey Gilbert! Just send me the membership form. Remember me? I was one of your clients who bought PEPTrad sa iyo. Kilala mo ako, kasama mo ako dati eh. I remember nga pag inuutusan ka ni Bos sa field auditing, pagbebenta ang ginagawa mo nun.

---

Am not gilbert but you could try downloading the membership form from the no2pep2010 yahoo site.

 
At Tuesday, May 31, 2005 3:51:00 PM, Anonymous Anonymous said...

The reason I invested with PPI rather than other companies such as CAP is because PPI passed (at the time) the 5 Cs of credit in my judgement. Little did I know that PPI/Yunchengco did not meet one C of credit and that is "CHARACTER".

Worse, they are now hiding behind "virtue" by citing the fixed planholders. While it is not only PPI that has this sort of problem, it is only PPI that has been this devious and scheming.

 
At Tuesday, May 31, 2005 4:25:00 PM, Anonymous Anonymous said...

Men of Knowledge are praised
Men of Wisdom are admired
Men of Power are feared
But only Men of Character can be TRUSTED....

Sayang Pasok na sana sa lahat si A.Y....pumalpak sa pinakang huli at pinakang mabigat na criteria..tsk tsk tsk

 
At Tuesday, May 31, 2005 5:11:00 PM, Anonymous Anonymous said...

"While it is not only PPI that has this sort of problem, it is only PPI that has been this devious and scheming. "

Youo got it wrong. PPI was the one who stood out and went the legal way to protect ALL planholders from the concern of deregulation.

 
At Tuesday, May 31, 2005 6:30:00 PM, Anonymous Anonymous said...

To the guy who posted the above

PPI planholders should have a hand how they want and will to be protected. It is our money in the first place.

And yes PPI stood out...with deception and fraud in mind.

Anyway, we'll have the courts find out who is telling the truth. We'll see your bosses there.

Saka lintek...umalis ka nga dito. Di ka kailangan dito...

 
At Tuesday, May 31, 2005 7:23:00 PM, Anonymous Anonymous said...

Saka lintek...umalis ka nga dito. Di ka kailangan dito...

Lintek ka rin!

 
At Tuesday, May 31, 2005 7:39:00 PM, Anonymous Anonymous said...

Taken from www.spynewsmanila.blogspot.com

Thursday, March 17, 2005
PLATINUM PLANS...breaking the law!
The many signs that this company is soon to fall.......

How can any planholder trust a pre-need company that has failed to give the required 13th month pay to all their employees? It is a fact that Platinum Plans has not paid a single employee their 13th month pay up to this date when Holy Week is fast approaching. A failure to pay the 13th month pay is a sure indication that the company is having liquidity problems.

Not only was the 13th month not paid, it is also a fact that the salaried-employees are regularly deducted for their SSS contributions but when the employees checked with the SSS regarding their contributions, there were no remittances paid since 2004. Where do all the deductions from the employees go to?

The employees and agents are also deducted withholding tax but apparently the taxes are not being remitted to the government. This is a big-fish tax evader and law-breaker. The government is in dire need of taxes to be paid but apparently, this pre-need company is breaking all the rules. They should be reported to the BIR.

A division head of Platinum Plans (from a provincial branch) has also filed the above-mentioned cases but Platinum Plans was a "no-show" during the hearings. A "no-show" means that they cannot defend themselves against the truth.

When an employee finally resigns due to the extreme "financial stress" caused by the irregularities regarding the non-payment of compensation and benefits plus the breach-of-contract done by Platinum Plans....Platinum Plans even has the unjustified belief that they have the right to run after the resigned employee by sending letters to the employees stating that the employees have to pay a huge sum (amounting to millions of pesos) because the employees were the ones who broke the contract!

Non-payment of the 13th month pay is already an unlawful act done by Platinum Plans and so therefore, they cannot claim that the employees have broken the employement contract. It is Platinum Plans that has broken the employment contract.

Furthermore, Platinum Plans has many cases of bouncing checks which they are hiding from the Public. You may refer to this link: http://dequiros.blogspot.com/2005/02/real-needs.html The truth should always be told. Again, they are breaking the law.

It has been recently investigated by the senate that the so-called trust fund of Platinum Plans is all questionable and illiquid land titles that have been wrongly appraised.

Hearsay has it that Platinum Plans has noteworthy journalists in their payroll.

Indeed, let us watch this pre-need company. Let us protect the investing public.

posted by Spy News Manila | 5:51 AM

 
At Tuesday, May 31, 2005 9:09:00 PM, Anonymous Pandy said...

Bravo!! A courageous sentiment and, I hope, a battle cry for all who want to counter the demoralisation and disgust with our country that is widespread now. I support you all the way, PEP coalition!
By the way, is that going to be the new PEP manifesto or do we stick to the old one that was handed out during the first general meeting? I'm asking because I want to start a Poveda chapter and want to know if I should disseminate that.

 
At Tuesday, May 31, 2005 9:23:00 PM, Anonymous pikachu said...

"PPI was the only one who stood out and went the legal way to protect plan holders from the concern of deregulation" !!!!?????

Huh????!!!! Duhhhh!!!!!???? Does this guy who posted the above phrase actually know what he/she/it is saying? I know I said that the comments from the YGC hacker is amusing but this time its showing ignorance of the issues.

Of course the Yuchengco's "went the legal way" cause they had no choice unless they wanted to fry themselves in their own lard. The proper way to go was to approach the S.E.C. if there were "liquidity problems" but had they done that, the S.E.C. would have discovered their fraudulent maneuverings much earlier and the revocation of Lifetime would have been done in April instead of May 24. So going the legal way was their only option cause they had their "manok" in the justice system in the guise of Judge Romeo Barza who now everyone knows was the founding partner of Villaraza Law Office and Atty. Villaraza and company are the legal counsel of the Yuchengco's PPI. Not to mention that both of them are Sigma Rhoans, fraternity in the UP College of Law. And by the way, Sen. Angara, Sen. Drillon are also Sigma Rhoans. So now, draw up your conclusions......

 
At Tuesday, May 31, 2005 9:51:00 PM, Anonymous Tuition hikes said...

"Despite sensationalist claims, the fact is tuition costs have only been rising at about 13 percent per annum since 1984. Philippine treasury 'Jobo bills' in 1984 paid 43 percent! A pre-need company could have put its money in T-bills and still made a 30 percent profit. Even today with tuition rising at less than 10 percent, a pre-need company paying 13 percent interest for a 15 year loan is getting cheap money. "

This fact, taken from an article in the Philippine Star by Mary Ann Reyes entitled "5Cs of choosing a pre-need company" is very interesting. It shows the lie in PPI's justification for its actions: that "skyrocketing" tuition fees due to government deregulation drove it to "illiquidity". I actually believed that school fees had gone up enormously until I read this. Why have no schools defended themselves and brought up this figure? Or did they end up believing the propaganda of the preneed companies that their tuition increases were sky-high? It's about time they spoke up and refuse to be the villains that they have been painted. Siguro nahihiya sila .... needlessly!

 
At Tuesday, May 31, 2005 11:05:00 PM, Anonymous Anonymous said...

> Dear Friends,
>
> The Philippine pre-need industry is suffering from
> a crisis of confidence.
> The sensationalized scandals that have broken out
> among only a
> handful of pre-need firms have thrown the
> entire multi-billion-peso
> industry in turmoil. The times are calling for
> the public and private sector to
> band together in search of a solution to this
> problem.
>
> In this light, the Gov. Jose B. Fernandez, Jr.
> Center for Banking
> and Finance of the Asian Institute of
> Management, in cooperation
> with BusinessWorld, is pleased to invite you
> to a conference entitled
> "The Philippine Pre-Need Industry: Reforms and
> Prospects." The event
> will be held on Tuesday, 21 June 2005, from
> 8:30 am to 12:00 nn at the
> SGV Conference Hall, 3rd Floor, AIM Conference
> Center, Benavidez
> corner Trasierra Sts, Legaspi Village, Makati.
> We have attached a
> tentative program for your reference.
>
> (See attached file: Program.doc)
>
> You may wish to confirm your attendance by fax to
> (632) 752-1257 or
> (632) 751-7156 or by email to jbfcenter@yahoo.com or
> lzuniga@mail.aim.edu.ph.
> You may also call Chito Zuniga at 892-4011 loc 2146
> for further inquiries.
> Seats are limited so we would like you to confirm
> early. Admission is
> free of charge. We look forward to seeing you at
> the conference.
>
>
> Best Regards,
>
> (Signed)
> Roberto F. de Ocampo
> President
> Asian Institute of Management
>

The Philippine Pre-Need Industry: Reforms and Prospects

Tuesday, 21 June 2005, 8:30 am- 12:00 nn
SGV Hall, 3rd Floor, AIM Conference Center Manila

PROGRAMME

8:30 am - 9:00 am Registration

9:00 am - 9:10 am Welcome Remarks
Dr. Roberto de Ocampo
President, Asian Institute of Management

9:10 am – 9:30 am Panel Discussion
Mr. Francis Estrada*
Chairman, Equity Managers Asia, Inc.

9:30 am – 9:50 am Mr. Jose Cuisia, Jr.*
President & CEO, Philippine American Life and General Insurance Company

9:50 am – 10:10 am Atty. Juan Miguel Madrigal Vazquez*
President, Philippine Federation of
Pre-Need Plan Companies

10:10am – 10:30 am Hon. Fe Barin*
Chairman, Securities and Exchange Commission

10:30 am –11:50 am Open Forum
Moderator and Synthesis
Prof. Ma. Elena Herrera
Faculty, Asian Institute of Management

11:50 am – 12:00 nn Closing Remarks
Dr. Roberto F. De Ocampo
President, Asian Institute of Management


*Invited speakers

 
At Wednesday, June 01, 2005 2:10:00 AM, Anonymous Anonymous said...

With reference to the posting...

"The reason I invested with PPI rather than other companies such as CAP is because PPI passed (at the time) the 5 Cs of credit in my judgement. Little did I know that PPI/Yunchengco did not meet one C of credit and that is "CHARACTER".".

What are the other 4 C's?

In my sons' school, they also have the 6 C's which are important elements of a person's being. Three of these are discussed below and after each one, let's assess whether they apply to the Yuchengcos ---

Conscience - This is moral reasoning that deals with doing what is good and right. The Yuchengcos definitely don't have this!

Community - This includes teamwork and being able to work for others and the ability to influence and lead others for what is good and right. Another failing mark for the Yuchengcos.

Compassion - This is having concern for the welfare of others and works for justice. This is definitely NOT a Yuchengco trait.

 
At Wednesday, June 01, 2005 6:19:00 AM, Anonymous Anonymous said...

The PPI case
HIDDEN AGENDA By Mary Ann Ll. Reyes
The Philippine Star 06/01/2005

Pacific Plans Inc. (PPI), a member of the Yuchengco Group of Companies which is exclusively handling about 34,000 open-ended educational plans, is certainly facing funding problems with its open-ended planholders.

This is because the deregulation of tuition fees in 1994 has caused a tremendous rise in the cost of education which, in turn, put enormous pressure on open-ended plans and their corresponding trust funds considering that pre-need companies selling open-ended plans, such as PPI, could not pass on the additional cost to their planholders. It has to be emphasized that the problem is not peculiar to PPI but is, in fact, an industry-wide problem.

Since the 1990s, tuition fees of exclusive private education institutions have increased by an average of 16 percent every year to as much as 28 percent per year.

In contrast, the return on investment on the trust funds created specifically to discharge their obligations under the open-ended plans ranged only from 11 to 14 percent. In other words, PPI’s actuarial assumptions for its open-ended plans were compromised by deregulated increases in tuition and standard fees.

Consequently, pre-need companies began experiencing trust fund deficiencies, 80 percent of which were reported to have been caused by availments on the traditional educational plans.

Because of this, PPI mid-last year was forced to transfer its fixed value plans, pension, memorial and educational fixed plans to another Yuchengco company, Lifetime Plans Inc. (LPI). This was made to protect the more than 400,000 fixed planholders from the huge financial requirements of the open-ended plans or those plans without any cap on educational benefits.

This transaction was intended to improve the efficiency and enable PPI to focus on open-ended target market segments.

At the opening of classes this school year, out of the 34,000 open-ended planholders, there are exactly 15,954 planholders of PPI who are availing of the plan’s benefits or are sending students to school.

This availing group of planholders had paid or contributed a combined total of P557,136,180 in premiums from the time they acquired the plan, with some having started paying back in 1986. That was the year PPI introduced the open-ended plan to the market, which they closed in 1992.

What ails PPI now is the fact that 22.5 percent of those currently availing planholders or only 3,590 are eating up more than 36 percent of the total benefits. These are planholders who are sending their students to exclusive schools. This small group is supposed to get P753.5 million of the total benefit packages.

This group contributed only P132 million to the plan. With 570-percent return on their investment, these minority planholders are the privileged group compared to the non-exclusive school set of planholders.

On one hand, the bulk of the open-ended planholders who are using non-exclusive schools numbering 8,347 or 52 percent of the availing planholders and who had paid over P172 million are getting only 29 percent or a total of P605.8 million.

And consider this: Some of these individual planholders contributed a total of only P29,200 each from 1987 in premium payments and collected up to as much as P558,000 in benefits representing 1,900 percent in their return on investment.

Now, a further review of PPI records and statistics of planholders who had fully availed of the plan’s benefits would attest to the inequity of the distribution from among those whose students are sent to exclusive schools and non-exclusive institutions.

This, thanks to the unabated increases in tuition fees since its full deregulation in 1994 that saw private schools scampering to determine their respective levels of tuition adjustments every year. This government policy prompted PPI to stop selling the open-ended plan two years ahead of full deregulation.

A total of 38,730 planholders had fully availed of the plan’s benefits, meaning, the beneficiaries had gone to school up to graduation under the plan.

And, as in the case of those still availing the plan, those who benefited much constitute 12,063 planholders representing 31 percent whose students were sent to exclusive schools, with total benefits amounting to P2.17 billion or 48 percent of the P4.6 billion that accrued all those who had availed of the plan. While they contributed some P397 million to the plan, they had a 549-percent return on investment.

The majority 21,825 planholders or about 56 percent of those who had fully availed earned total benefits amounting to P1.6 billion, or only 36 percent of total accrued benefits. They had a 500-percent return from their P326.7 million total contribution.

Under the prevailing average rate of return, which on specific cases had reached to as much as 2,232 percent on a total premium of P13,800, and which is abetted by unparalleled yearly increases in tuition fees, the planholders who still have to avail of the plan – numbering 18,510 – will be left with no more benefits to enjoy.

The P557-million contributions of those availing planholders are not even enough to earn for them P2 billion in benefits until 2010 without a rehabilitation program. More so, those who still have to avail will be deprived of the benefits since their own contribution will be wiped out when the benefits of those currently availing are fully enjoyed.

Just the same, PPI has opened a tuition fee assistance window amounting to P591 million for this school year to planholders who are sending their children to school. Of this, P341 million came from PPI while P250 million came from the head of the Yuchengco group of companies, Alfonso T. Yuchengco.

However, this window has been closed after the Securities and Exchange Commission (SEC) last May 25 revoked the registration of LPI.

With the SEC decision, the fate of the 400,000-plus fixed planholders under LPI is in limbo, not to mention the 14,400 sales force and employees of the company.

 
At Wednesday, June 01, 2005 9:32:00 AM, Anonymous Anonymous said...

Hey friends,

Pls read the article on Philippine Star at: http://www.philstar.com/philstar/NEWS200506010414.htm.

The truth shall set us free!

1. "Officials of pre-need firms led by the College Assurance Plan (CAP), Philam Plans and the Philippine Federation of Pre-Need Companies admitted at a Senate hearing yesterday that 35 to 40 percent of their plans had lapsed.

Sen. Mar Roxas said this translated to significant revenues for the pre-need firms.

"Knowing that 40 percent of them would not last two years... you used the plan holders’ money to fund all of your expenses, then it doesn’t cost you anything," Roxas told pre-need firms.

As a general rule, once a plan holder fails to make deposits on his or her plan during the payment period, the account is considered lapsed and all payments made are then forfeited in favor of the firm."

*** PPI made money because many plan holders defaulted on payment! Now they want to default on their payments to legitimate planholders!


2. "Reports on CAP and Pacific Plans Inc. (PPI) showed that the main cause of the firms’ financial trouble was heavy investment in real estate."

*** It's getting clearer mismanagement is the real culprit at PPI.

 
At Wednesday, June 01, 2005 9:37:00 AM, Anonymous Anonymous said...

The rise in tuition fees is besides the point and has no bearing on the case against PPI/Yuchengco. Also, if it is true that there are plan benefits or availments that exceeded plan payments or premiums by 100% or - let's take it to extremes since that is what the PPI/Yuchengco camp want - even by 1000% or 1,000,000% percent, again, this has no bearing on the case against PPI/Yuchengco. Business is business and when a company makes tremendous profit, no one complains. All of a sudden, if a company has difficulty meeting obligations, extraneous factors and all kinds of non-business issues are raised? It is similar to the case of globalization or the entrance of China into most markets. All business are affected by China’s rise in export markets, exacerbated by sometimes unilateral economic policies and globalization, in general. So, what now? Companies that are losing money with uncompetitive products and losing market share to China will use that as an excuse and cry that business is unfair? So what? They will use unfair government policies that favor China as a reason for losing money and market share? Business is business. That kind of reasoning will not stand up in business. If there was an honest Board of Directors with good corporate governance in PPI, that kind of reasoning wouldn't stand up. If there was even a competent Management or Executive Committee in PPI, that kind of reasoning would not stand up. More importantly now, that kind of reasoning will not stand up in a legal discussion. To think of it, that kind of reasoning will not even stand up in an MBA thesis defense.

The plans clearly state the contractual and legal obligations of PPI and in no instance has there been any qualification as to the level or ceiling or rate of return in terms of benefits or, in this case, tuition fees to be paid.

It is a business model that is of PPI’s own making and it had recourse over 10 years to address any flaws that it may have perceived.

And, regardless of their “claimed” financial position, it does not give PPI/Yuchengco the right to have mismanaged the money of planholders and committed its wrongful acts.

Their list of wrongful acts is long: Negligence, Breach of Contract (Oral – for Agents), Fraud, Breach of Contract (Written – PPI/Yuchengco), Breach of Fiduciary Duty. Breach of Fiduciary Duty carries a heavy weight if classified as constructive fraud and even more if classified as a miscellaneous unspecific tort.

If the bright minds and the paid hacks have any guts, why don’t they try to defend themselves and show their valid defense against these wrongful acts? My guess is, because they really don’t have any solid defense.

 
At Wednesday, June 01, 2005 9:46:00 AM, Anonymous Anonymous said...

Hey yuchengco guys,
arent you in the insurance business? don't you factor in extreme cases like terrorist attacks in your property insurance?

Well that is the same with the education plans! You should know the risks of your plans, especially since the Education Act was drafted way back in 1982!!!!!

 
At Wednesday, June 01, 2005 9:59:00 AM, Anonymous Anonymous said...

In response to

"Their list of wrongful acts is long: Negligence, Breach of Contract (Oral – for Agents), Fraud, Breach of Contract (Written – PPI/Yuchengco), Breach of Fiduciary Duty. Breach of Fiduciary Duty carries a heavy weight if classified as constructive fraud and even more if classified as a miscellaneous unspecific tort.

If the bright minds and the paid hacks have any guts, why don’t they try to defend themselves and show their valid defense against these wrongful acts? My guess is, because they really don’t have any solid defense."


Above are all accusations and have no "meat". In fact, if there is a case you should have filed one by now. These allegations are baseless and you know it. In fact, from the no2pep2010 group mail:

" Thanks, antippi. I agree that proving the directors/owners starved PPI
and self-dealt with the trust fund and company finances may be an
uphill climb. The process can be very subjective, to say the least.
Unless, of course, there are glaring examples of mismanagement/self
dealing which, in theory, should not have escaped the SEC's scrutiny to
begin with. It appears we (and especially our lawyers) really have our
work cut out for us.
"


And another from your group mail:

"Of course, this is just my opinion, but I think that
the only way we can force the estate of the directors / owners to
pump in new money is through criminal cases, that they in fact
starved PPI and let it go down the drain while they self-dealt with
the trust fund and company finances. Of course, that's going to take
a while, and the bar is raised higher, so we have to do our data-
gathering very well, always with our lawyers advising us."


In other words, all these "fraud" threat is just trying to squeeze money out of the Yuchengcos to get them to pay up.

To whose expense? The other planholders in Lifetime Plans like me. I, along with other fixed value planholders, do not want to be part your battle. Your tactics are devious and selfish(only your concerns, not a single concern towards fixed value planholders in your group mail) and don't consider the general population of planholders in LPI.

 
At Wednesday, June 01, 2005 10:09:00 AM, Anonymous Anonymous said...

If you lost on a deal, you cannot back out by saying "sorry, lugi ako e." Kung totoo man na di mo kayang bayaran, there is no reason why you cannot be transparent. All these underhanded "legal" maneuverings only point to the conclusion that the Yunchengcos simply want to squirm away from a bad deal.

Even if they have had too much bad deals lately (bankard, etc.) - This does not give them any right to even out their losses on legitimate planholders. Kung panay mismanagement na sila, they should just consider selling out their businesses. Then they could enjoy money which is theirs and not money which is rightfully ours.

 
At Wednesday, June 01, 2005 10:15:00 AM, Anonymous Pikachu said...

Reading the article of MaryAnn Reyes of Phil.Star today June 1, makes me wonder why there are still writers and columnists who still believe that the Yuchengco's have not done anything wrong and even justify their fraudulent maneuverings, devious schemes just to avoid meeting their obligations to the promise they made to the helpless planholders. Sen.Mar Roxas said in the Senate Inquiry yesterday on Pre-need industry that setting all legalities aside, we cannot escape the fact that the Pre-need company's owners (Yuchengco, etc.) still have to face the fact that they sold their products, educational plans etc., to ordinary people who may or may not be as sophisticated as them and they would not bother dissecting the nitty gritty clauses of the contract and bought the product based on TRUST AND THE NAME THAT STANDS BEHIND THE PRODUCT, and in this case, it was the YUCHENGCO NAME, MR. INTEGRITY, as many KNEW him to be. Sad to say tho, that the children, Helen, Susanne, Yvonne, etc. were not known as Ms. Integrity and if we all knew that these Yuchengco "KIDS" were behind the management of the YGC then, I would not have bought the product as I did not know at that time if they were trustworthy or not. It was their father's name and reputation that carried the company, not the childrens. And now, with a click of the finger, his children destroyed the empire he painstakenly built. Now going back to those columnists and newspaper journalists, I still would like to believe that they have a conscience and integrity and cannot be bought. It is a known fact that this industry can also be bought and some are under the payola of big corp. and personalities. I also know that many are still upright and can be trusted and do balanced journalism.
Im just wondering why up to this day, Ms.Reyes, still writes a lengthy article justifing the actions of the Yuchengcos and still blaming the pre-need industry, the deregulation of tuition fees, the asian crisis,the schools, God (as in acts of God)etc. Unless of course, the article was just forwarded to her by the spin doctors of the Yuchengco's and all she has to do was rehash it and have it printed. I do wish she would do further investigation and not just accept "facts" given to her by the Yuchengco camp. With all the facts and figures that have come out since April 13, her article makes her sound and look inept and ignorant of the issue. What she has printed today is just a repetition of what the Yuchengco's have been saying since day one for lack of anything else to say to justify their wrong doings. Ms. Reyes, pls do some investigative journalism this time so you could sound a little more intelligent instead of parroting whatever is fed to you by the Yuchengco camp.

 
At Wednesday, June 01, 2005 10:27:00 AM, Anonymous Anonymous said...

re The PPI case
HIDDEN AGENDA By Mary Ann Ll. Reyes
The Philippine Star 06/01/2005

notice how this article has more detailed figures than the Monsod article?

The evil YGC Empire strikes back!

natuto sila dun sa isang major weakness ng sinulat ni Solita. so this writer must have been fed with numbers upon numbers by the YGC PR machine...problema lang it's not a numbers game.

The issue is TRUST and how it was manipulated and then raped and left bleeding in the dark by PPI.

The enemy is sharpening their swords, let us not let our guard down.

 
At Wednesday, June 01, 2005 11:01:00 AM, Anonymous Jay said...

In response to"

"The issue is TRUST and how it was manipulated and then raped and left bleeding in the dark by PPI."

Unlike other troubled pre-need companies,PPI is the only one offering money back + interest to traditional planholders . If you look at the other companies, all they give out are bouncing checks.

I am a fixed value planholder, and it pains me to be caught in your battle when I am happy with my investment returns. As mentioned in an earlier post, my fixed value plan earns only 9-10%(according to my calculations). I think all the other plans have these type of returns as well. It would be unfair to us fixed value planholders if the coalition brings down PPI by pushing your 20+% yearly returns.

In fact, right now all I want is my money back.

 
At Wednesday, June 01, 2005 11:12:00 AM, Anonymous Anonymous said...

jay said: "In fact, right now all I want is my money back."

We at PEP Coalition are fighting for our childrens right to an education that was promised by PPI, with a contract at that!

We are doing these by organizing and going through the legal channels to pursue our goals.

Maybe you should do the same?

 
At Wednesday, June 01, 2005 11:16:00 AM, Anonymous Anonymous said...

To the the guy who posted the above.

You should get your money back. No contention! Just be on your guard, cause the Yuchengcos just might use your money instead of theirs to pay for their failures!!

And if it is not clear to you, the Yuchengcos are just using the planholders against each other for their selfish interest.

Please read the news papers, both sides. As they said, it doesnt take a scientist's mind to figure out who's trying to fool who!

We PPI coalition members should also get what our money's worth, which we also rightfully, legally and morally deserve!

And we'll see who goes to jail!

 
At Wednesday, June 01, 2005 11:50:00 AM, Anonymous Anonymous said...

PDI today:
COCKTALES
Heard through the grapevine
"THE BOARDROOM shakeup in RCBC Securities is still far from resolved, with one of its directors, former congressman Jose Apolinario Lozada Jr., being the latest to leave the Yuchengco-owned stock brokerage firm.
The instability has already sent fault lines down the executive
ranks. "

 
At Wednesday, June 01, 2005 11:55:00 AM, Anonymous Anonymous said...

"former congressman Jose Apolinario Lozada Jr., being the latest to leave the Yuchengco-owned stock brokerage firm"

Mr. Yuchengco, your friends are abandoning you! But don't you worry, hindi ka iiwanan ng PEP Coalition...not till we get justice.

 
At Wednesday, June 01, 2005 12:24:00 PM, Anonymous Anonymous said...

"Maybe you should do the same? "

Kaya nga payag kami sa spinoff kasi protected kami sa inyong peptrad. but with your maneuverings, pati kami nadadamay sa kalokohan ninyo.

 
At Wednesday, June 01, 2005 12:26:00 PM, Anonymous Anonymous said...

"Ms. Reyes, pls do some investigative journalism this time so you could sound a little more intelligent instead of parroting whatever is fed to you by the Yuchengco camp. "

If you're not with the line of thinking of the PEP Coalition, then you are against them. ETO NA ANG KATIBAYAN. First Mareng Winnie then Maryann Reyes being put to flames.

 
At Wednesday, June 01, 2005 12:57:00 PM, Anonymous Anonymous said...

"So, what now? Companies that are losing money with uncompetitive products and losing market share to China will use that as an excuse and cry that business is unfair? So what? They will use unfair government policies that favor China as a reason for losing money and market share? Business is business. That kind of reasoning will not stand up in business. If there was an honest Board of Directors with good corporate governance in PPI, that kind of reasoning wouldn't stand up. If there was even a competent Management or Executive Committee in PPI, that kind of reasoning would not stand up. More importantly now, that kind of reasoning will not stand up in a legal discussion. To think of it, that kind of reasoning will not even stand up in an MBA thesis defense."

You can't squeeze blood from stone.
Aasa tayo na matitino pamamalakad ng mga nakaupo dyan sa yuchengco?
Kaya nga yuchengco kasi....
Yu Change Co(mpany name)

 
At Wednesday, June 01, 2005 1:19:00 PM, Anonymous Anonymous said...

In response to:

"Companies that are losing money with uncompetitive products and losing market share to China will use that as an excuse and cry that business is unfair?"

What will happen to these companies? They close or sell out. The scary thing to all of this is that it is cheaper for PPI to close or sell out than infuse 3 Billion pesos.

 
At Wednesday, June 01, 2005 1:26:00 PM, Anonymous Anonymous said...

"Unlike other troubled pre-need companies,PPI is the only one offering money back + interest to traditional planholders . If you look at the other companies, all they give out are bouncing checks."

- So if I steal something and pay a portion of the value of what I stole, I am more morally upright than someone who steals and does not pay?

- So if I kill someone and pay his/her family for it I am more morally upright than someone who kills and does not pay?

- So to justify anything wrong that I do, I simply have to point to someone who does something worse?

 
At Wednesday, June 01, 2005 1:42:00 PM, Anonymous Anonymous said...

"Kaya nga payag kami sa spinoff kasi protected kami sa inyong peptrad. but with your maneuverings, pati kami nadadamay sa kalokohan ninyo."

- Let's not forget that the spin-off was the first "maneuvering" and kalokohan perpetrated by the yuchengcos.

- It's BS to go by the "I have to favor one over the other" excuse. They should honor ALL their obligations. Even under the assumption that PPI is not capable to pay, did they not keep touting "YGC" in their sales and marketing efforts? They have a moral obligation. If they have integrity (which obvious by now na wala), alam nila na obligasyon nila yun!

 
At Wednesday, June 01, 2005 1:48:00 PM, Anonymous Anonymous said...

To Lifetime Planholders:

Na-Yuchengco kayo!

E di pala kumpleto papeles ng Lifetime, binentahan kayo ng plano.

Ihabla nyo mga Yuchengco!

 
At Wednesday, June 01, 2005 1:48:00 PM, Anonymous Anonymous said...

In response to"

"So if I steal something and pay a portion of the value of what I stole, I am more morally upright than someone who steals and does not pay?"

If I stole your money 20 years ago, and I pay it back today at original money + 7%, will you cry foul? Or I would say that I was intending to use it for tuition so you should pay the current tuition fees.



"- So if I kill someone and pay his/her family for it I am more morally upright than someone who kills and does not pay?"

No, but will you kill the rest of the family to make a point. That is what you are doing to the fixed value planholders. This is what I call insensitivity to the general population


"- So to justify anything wrong that I do, I simply have to point to someone who does something worse?"

Does it also make it right for the coalition to demand something that is a lot more than what the majority is getting and will cause suffering to the general population?

 
At Wednesday, June 01, 2005 1:48:00 PM, Anonymous Anonymous said...

"So if I steal something and pay a portion of the value of what I stole"

E may ROI +7% compounded interest nga eh. Unless you bought your plan sa secondary market paying as much as 400K, then lugi ka. Pero if you are an original PH, babalik ang pera mo plus interests

 
At Wednesday, June 01, 2005 2:11:00 PM, Anonymous Anonymous said...

"ROI +7%" - this is not the value of the plan regardless of where you bought it. It doesn't take a financial genius to figure this out. Don't you know what VALUE means?

 
At Wednesday, June 01, 2005 2:17:00 PM, Anonymous Anonymous said...

this story was taken from www.inq7money.net


Lifetime told to continue paying plan holders' claims
Posted: 1:38 AM | Jun. 01, 2005

Inquirer News Service


THE SECURITIES and Exchange Commission has told Lifetime Plans Inc., a subsidiary of troubled pre-need firm Pacific Plans Inc., that it could continue paying plan holders' claims, using its trust fund.

The SEC recently cancelled Lifetime's certificate of incorporation, effectively dissolving the company and paving the way for Lifetime plan holders to be transferred back to Pacific Plans.

Lifetime, which has more than 400,000 plan holders, sells fixed-value educational, memorial and pension plans.

Lifetime has asked the SEC to reconsider its revocation order, saying it was a drastic move that could adversely affect its sales agents and plan holders.

The SEC met with the management of Lifetime last Friday and told it that despite the revocation order, disbursements could still be made from Lifetime's trust fund to satisfy the legitimate claims of plan holders.

At the meeting, the agents were told to advise their clients to continue paying their premiums as scheduled. Elizabeth L. Sanchez, with INQ7.net



copyright ©2005 INQ7money.net all rights reserved

 
At Wednesday, June 01, 2005 2:27:00 PM, Anonymous Anonymous said...

In response to:

"THE SECURITIES and Exchange Commission has told Lifetime Plans Inc., a subsidiary of troubled pre-need firm Pacific Plans Inc., that it could continue paying plan holders' claims, using its trust fund. "

Ay Salamat. Buti na lang naliwanagan ang SEC at hindi kami dinamay sa mga plano ninyo. Huwag niyo sana kama idamay ulit sa susunod.

Thank you SEC!!!

 
At Wednesday, June 01, 2005 2:54:00 PM, Anonymous Anonymous said...

AIG overstated net income by $3.9B


NEW YORK - Insurer American International Group Inc (AIG), which is being sued by US regulators over an accounting scandal, said on Tuesday it had overstated net income for the past five years by $3.9 billion, or 10 percent.

Following an internal review, AIG finally released a thrice-delayed regulatory filing in which it also cut its net worth through the end of 2004 by $2.26 billion, or 2.7 percent -- less than an early May warning of a possible $2.7 billion.

AIG, the world's largest insurer by market value, said the $3.9 billion reduction in net income for the five years through 2004 included an $850 million increase in its asbestos and environmental reserves for the fourth quarter of 2004.

"There is both good and bad news," said Michael Chren, senior portfolio manager of National City Investment Management Co., citing the eventual filing of AIG's 10-K annual report and less-than-expected reduction in net worth as positives.

"But the big negative from our perspective is the asbestos reserve review. That will leave a cloud over the shares."

The reserves were adjusted to reflect a new view that potentially more claims could hit the company as AIG increasingly takes into account the losses it has experienced.

The company said it will commission an independent actuarial review of loss reserves, including those for asbestos and environmental claims, for its main property and casualty insurance operations.

The filing with the US Securities and Exchange Commission came a week after New York authorities filed a civil lawsuit against AIG, former chief executive Maurice "Hank" Greenberg, and former chief financial officer Howard Smith.

The lawsuit said Greenberg and Smith, who were ousted after the investigation picked up steam in February, committed fraud and manipulated company books to exaggerate the strength of AIG's core underwriting business and prop up the stock price.

Greenberg's lawyers, who have said they would dispute the charges, on Tuesday reiterated that he did not make company accounting decisions alone and that PriceWaterhouseCoopers not only judged past accounting as sound, the independent auditor also had found the previous asbestos reserves adequate.

Furthermore, Tuesday's restatement did not give a sufficient reason to reverse TWC's judgment, Greenberg's legal team said.

Investigations continue

Authorities, including New York Attorney General Eliot Spitzer and New York's Insurance Department, are still investigating the company and there is a possibility that criminal charges could be laid. AIG is cooperating fully with regulators.

AIG shares closed down 85 cents, or 1.51 percent, at $55.55 on the New York Stock Exchange, after a recent run-up. The stock has lost as much as $57 billion of market value in recent months.

"People are selling on the good news of the 10-K coming out," said A.G. Edwards Inc. analyst Paul Newsome.

The insurer's press statement and securities filing on Tuesday followed several releases by the company laying out numerous accounting errors dating back over a decade.

Now, however, "there should be no further restatements going forward," said AIG president and chief executive officer Martin Sullivan in a conference call with investors.

As for the restatements and related publicity: "We haven't seen much impact on our foreign general or foreign life businesses," Sullivan said, although they had seen some "cautious" placing of business at some of its subsidiaries.

 
At Wednesday, June 01, 2005 3:10:00 PM, Anonymous Anonymous said...

"Since the 1990s, tuition fees of exclusive private education institutions have increased by an average of 16 percent every year to as much as 28 percent per year....."

Can anybody in PPI prove that tuition increase they were referring to were actually born by their company? I know that TOTAL FEES payable to schools especially exclusive schools have increased BUT a huge chunk of this was borne by the parents/scholar. School bonds. energy fees, developmental fees, locker fees, accident insurance, retreat fees, publications among others are NOT borne by PPI. Tuition Fees' increases were always frm nil to a high of 12% as schools were very conscious of repercussions from parents.

 
At Wednesday, June 01, 2005 3:53:00 PM, Anonymous Anonymous said...

"E may ROI +7% compounded interest nga eh. Unless you bought your plan sa secondary market paying as much as 400K, then lugi ka. Pero if you are an original PH, babalik ang pera mo plus interests"

I bought my plans in the secondary market and non-availing pa ako, so lugi nga. So what say you? How can you tell me to accept the 7% thing paglugi ako? You can't blame me for buying in the secondary market bec these were sold by PPI agents, sanctioned by PPI, the transfer was approved by PPI, and the VALUE of such plans was ok given the name Yuchengco. Of course, now we know it's worthless.

 
At Wednesday, June 01, 2005 3:55:00 PM, Anonymous Pikachu said...

To the Fixed Planholder of Lifetime: Face the facts, there has been fraud in the maneuverings of the Yuchengcos and the quotes you posted from other planholders were pre-SEC revocation of Lifetime Plans incorporation papers. The "accusations" are not threats and just be patient cause cases will be filed against the Yuchengco's and all those responsible to the fraud, breach of contract, breach of fiduciary obligations etc they have committed. Don't be afraid cause the coalition is not against the fixed planholders. I do hope you can see the picture on a bigger screen/scale and notice what the Yuchengco's are doing. They are pitting social classes against each other, fixed plans against open ended plans. Don't you see their evils schemes again at work? Just remember, we are all fighting for the same cause and that is to make the Yuchengco's live up to their committment as Sen. Mar Roxas stated in yesterdays Senate Inquiry. Unfortunately you were not there cause it was a very enlightening and eye opening session. But unfortunately, the Yuchengco puppets where there too and tried just like their bosses to mislead the public that they represent the federation of ppi planholders!!!!! are they duly registered with the S.E.C.? helloooooo!!! he isn't representing anyone except the sales agents of Lifetime who may also be planholders and are also responsible to the "collapse" of PPI since they are partly liable due to their selling the peptrad in the secondary market.

 
At Wednesday, June 01, 2005 4:04:00 PM, Anonymous Anonymous said...

To Pikachu:

In response to:

"To the Fixed Planholder of Lifetime: Face the facts, there has been fraud in the maneuverings of the Yuchengcos and the quotes you posted from other planholders were pre-SEC revocation of Lifetime Plans incorporation papers."

You are such a liar!

--Dated 2 days ago---"

From: "ppi_hell"
Date: Mon May 30, 2005 10:59 pm
Subject: Re: Trust fund discussions ppi_hell
Offline
Send Email

Thanks, antippi. I agree that proving the directors/owners starved PPI
and self-dealt with the trust fund and company finances may be an
uphill climb. The process can be very subjective, to say the least.
Unless, of course, there are glaring examples of mismanagement/self
dealing which, in theory, should not have escaped the SEC's scrutiny to
begin with. It appears we (and especially our lawyers) really have our
work cut out for us.

---Dated 3 days ago----

From: "antippi"
Date: Mon May 30, 2005 12:16 pm
Subject: Trust fund discussions antippi
Offline
Send Email

Good discussions, Vic, Luis, and PPI-hell...

"2. If the fund is found deficient, can the SEC force the
shareholders of PPI to fund the deficiency if PPI itself does not
have the capacity to fund it? In other words, can the shareholders
be forced to put in additional equity? What if they choose not to?
What happens to the company and us planholders?"

Normally, the companies would do so in order to protect goodwill.
However, since YGC left PPI for dead, and that they took a hit
anyway despite their machinations, there is no incentive anymore for
them to infuse. Of course, this is just my opinion, but I think that
the only way we can force the estate of the directors / owners to
pump in new money is through criminal cases, that they in fact
starved PPI and let it go down the drain while they self-dealt with
the trust fund and company finances. Of course, that's going to take
a while, and the bar is raised higher, so we have to do our data-
gathering very well, always with our lawyers advising us.

 
At Wednesday, June 01, 2005 4:24:00 PM, Anonymous Anonymous said...

You can't blame me for buying in the secondary market bec these were sold by PPI agents, sanctioned by PPI, the transfer was approved by PPI, and the VALUE of such plans was ok given the name Yuchengco. Of course, now we know it's worthless.

Run after the agents who sold you for the difference between the original price and their selling price. Transfer provisions are universal in all product lines. Any monetary consideration between original planholder and secondary market buyer is between the two only.

 
At Wednesday, June 01, 2005 4:47:00 PM, Anonymous Anonymous said...

IN REPLY TO PIKACHUPA:

"Don't be afraid cause the coalition is not against the fixed planholders."

Ha? Paano kami maniniwala sa inyo eh dahil sa ingay at gulo nyo sabay ng pangangalabit nyo sa SEC, kami ngayon ang nadadamay. Kaya nga kami pumayag sa spin-off ay upang hindi na kami maapektuhan ng problemna nyo sa PEPTrad tapos sa kawalanghiyaan nyo, eto pa mapapala namin.

Makonsensya naman kayo. Isulong ninyo laban ninyo na kayo lang ang apektado. Wag nyo kaming isama.

 
At Wednesday, June 01, 2005 5:11:00 PM, Anonymous Anonymous said...

attention blog administrator. pls delete previous post for obscenity. thank you

 
At Wednesday, June 01, 2005 5:51:00 PM, Anonymous stressed out said...

Haaay! Nakaka-stress naman ang batuhan ng mga comments dito. Me bastos pa...Break muna, mag de-stress muna tayo.

It's important to understand stress before we can effectively
manage it



kaya Stress ang pag-uusapan natin ngayon.



Ayon sa mga scientists mayroong dalawang uri ng stress.



Eustress and Distress.



Eustress is positive stress. Ito ang nararamdaman ng isang dalaga



kapag dumarating na ang kanyang manliligaw at may daladalang
flowers.



Eustress din ang tawag sa stress na nararanasan ng mga nagwo-
work-out



when they are doing their exercises.



Ang mga athletes, pagkatapos na ma-stress ang kanilang muscles,



they rest para ma-repair ang kanilang muscles.



Kapag hindi sila nagpahinga, the stressed muscles will be injured.



When injury happens, yan ang distress.



Distress is the negative side of stress.



Nakakaramdam ka na ng sakit ng ulo, pagsakit ng tiyan,



hindi na makatulog, di pa makakain.



Distress ang uri ng stress na nagreresulta sa kung ano-anong sakit



tulad ng hypertension, minsan nga ay emotional breakdown pa.



Ano ba ang pwede nating gawin para ang stress natin ay hindi maging
distress? Famous author and inspirational speaker,



Dr. John Maxwell has the following suggestions:



Don't be overly sensitive to criticism.



Tanggapin na natin ang katotohanang hindi natin kayang i-please ang
lahat
ng tao.



Talagang mayroong hindi aayon sa iyo kahit na napaka-noble



ng iyong mga intentions and motives.



So when you receive criticisms, take it constructively kung
sensible ang
criticism.



If you think the criticism is not objective, huwag na lang
pansinin at ng
hindi ka ma-distress.



Don't take too much pride in your achievements.



Ang pride ay parang uling, ginagatungan niyan ang distress.



Ang taong proud ay mas lalong nadi-distress dahil masyado niyang
iniingatan



ang kanyang achievement at accomplishment.



Minsan nga our achievements hinder us from growing and learning



kasi sinasabi natin sa ating sarili, aba may na-accomplish na ko.



Mas mahusay ako kaysa sa iba, hindi na nila ko pwedeng turuan.



Ang lungkot ng buhay kapag naging ganyan ang attitude natin.



Don't harbor jealousy over the achievement of others.



Ang taong mainggitin madalas ding madistress,



kasi nga totoo namang mayroong mas higit kaysa sa atin.



Natural ang iba ay maaaring magkaroon ng achievements na wala tayo
di ba.



Instead of being jealous or envious,



let's learn to rejoice in the successes of others.



Malay mo malibre ka pa bogchi dahil nakikigalak ka sa kanilang
tagumpay, di
ba?



Don't focus on your weaknesses and inadequacies.



Ang sugat kapag mas lalo mong ginalaw mas lalong lalala at baka
maimpeksyon.



The more you focus on your weaknesses and inadequacies



the bigger the tendency of wallowing in self-pity.



While it is important to acknowledge your inadequacies,



it is helpful to focus on your strengths and capabilities.



One effective way of fighting distress is by counting our blessings
-



the good things which life brings.



When we have grateful hearts,



we will always be reminded that we are too blessed to be stressed!



Someone wrote that



"The shortest distance between a problem and a solution is the
distance
between your knees and the floor.



The one who kneels to the Lord can stand up to anything."

 
At Wednesday, June 01, 2005 5:52:00 PM, Anonymous Anonymous said...

"- So if I kill someone and pay his/her family for it I am more morally upright than someone who kills and does not pay?"

"No, but will you kill the rest of the family to make a point. That is what you are doing to the fixed value planholders. This is what I call insensitivity to the general population"

Say what? The killer here are the Yuchengcos. Stupid! It isn't the PEP. Kungsabagay kung di ka stupid you wouldn't side with the Yuchengcos. yan ang hirap pag swelduhan ka lang eh...
The Yuchengcos are the most callous, like no other!!!

 
At Wednesday, June 01, 2005 6:02:00 PM, Anonymous Anonymous said...

kayo naman, wag nyo na patulan yung paid hack/ bloger na yan. Aba eh dapat may magawa sya sa loob ng walong oras na andun siya sa opisina. Sumasahod siya eh. Ala na ngang pumapasok na benta kaya ayan nakatutok dito sa blog spot. kung may pumapasok na benta dyan sa lifetime na yan, palagay mo ba, magkakaoras pa yan na kung anu-ano ipost dito? Ala, ala ngang pagkakaabalahan, eh nahihiya sa amo nilang bwitre kaya ayun, report ng report kung anu-ano daw ang nababasa niya sa blog spot-sumbong sa amo niya. para nga naman tuloy ang sahod niya na may pride pa siya.

 
At Wednesday, June 01, 2005 6:08:00 PM, Anonymous Anonymous said...

Why? Why are you ups against at us? All that you have claimed here in this blog is very untrue.
You keep on quoting quotable quotes of the newspaper for you're coalition to brainwash. Go to the streets and file your case against! YGCs are doing the fairyest deal to you all.

 
At Wednesday, June 01, 2005 6:26:00 PM, Anonymous Anonymous said...

"Normally, the companies would do so in order to protect goodwill.
However, since YGC left PPI for dead, and that they took a hit
anyway despite their machinations, there is no incentive anymore for
them to infuse. Of course, this is just my opinion, but I think that
the only way we can force the estate of the directors / owners to
pump in new money is through criminal cases, that they in fact
starved PPI and let it go down the drain while they self-dealt with
the trust fund and company finances. Of course, that's going to take a while, and the bar is raised higher, so we have to do our data-gathering very well, always with our lawyers advising us."

Well, well, well! I always knew that the paid hacks were also in our yahoogroups, and this is conclusive proof! Thanks for calling our attention to this.

And typical of the paid hacks, they will twist and machinate to make things look favorable to them. For example, it is already clear on a civil case basis that PPI orchestrated a grand deception. Still, we want justice, and only a criminal case will do to force these fraudsters to face up to their illegal and immoral schemes, including the return of ill-gotten gains.

But thanks for making it very clear how desperate PPI is, that it now has its paid hacks in our yahoogroups, not just in our blog. To the Coalition and to the public, be very wary of these zombies...

 
At Wednesday, June 01, 2005 6:34:00 PM, Anonymous Anonymous said...

By the way, paid hack, what you did was unethical. The yahoogroup is a private site, and the messages passed there are private communications. What you did was tantamount to opening private mail and telling the world what is contained there.

But, I don't think you are bothered by ethical considerations, paid hack. Which is why you are, in fact, a paid hack of PPI.

 
At Wednesday, June 01, 2005 6:54:00 PM, Anonymous tuition hikes said...

I know that PPI should pay tuition fees regardless of how high they went but just for clarification, and to counter their argument that unregulated school fees are to blame for their "illiquidity", could someone look into how high they REALLY went? I agree with the one who posted this:

"Can anybody in PPI prove that tuition increase they were referring to were actually born by their company? I know that TOTAL FEES payable to schools especially exclusive schools have increased BUT a huge chunk of this was borne by the parents/scholar. School bonds. energy fees, developmental fees, locker fees, accident insurance, retreat fees, publications among others are NOT borne by PPI. Tuition Fees' increases were always frm nil to a high of 12% as schools were very conscious of repercussions from parents."

As for Mary Ann Reyes, it's so weird that in her article on Apr.27 in the Phil. Star, she says, " Despite sensationalist claims, the fact is tuition costs have only been rising at about 13 percent per annum since 1984..". Then suddenly, on June 1 in the same newspaper she says that tuition has "gone up an average of 16% and up to 28% per year". She has made a complete about-face! What happened between Apr.27 and June 1, I wonder?

What is the real and actual tuition increase that was borne by PPI?

 
At Wednesday, June 01, 2005 7:12:00 PM, Anonymous Anonymous said...

To Pacific spin doctor no matter what you say in this blog will not make any difference. SEC will not reverse its decision in revoking the permit of Lifetime plans. In fact, the decision was even supported by Sec. Purisima head of finance department which has control of SEC. Mr. Purisima knows what is happening that’s why he has instructed SEC to go over the measly 200 million that was paid for the transfer. As for planholders of Lifetime, eventually your plans shall be reverted back to Pacific since all were under Pacific from the start. There is sufficient trust account to service both trad and fix plans base on the actuarial reserve liability submitted by Pacific before the treacherous spin off. This is the reason why SEC ordered the banks handling the trust account to make sure any withdrawal shall be use only for the sole purpose of servicing planholders and not be siphoned of for any other evil scheme by the Yuchengco’s.

 
At Wednesday, June 01, 2005 7:59:00 PM, Anonymous Anonymous said...

Please note that Xavier School (the school that is always being mentioned when it comes to high tuition fees) has clarified that its average increase was only around 11% from early 90's to present. Its own school Director made the annoucement in the parents' orientation to set the record straight. It was also mentioned that for 2 consecutive years (early 2000's), the school did not increase its tuition and for the past 2 years, the increase was for 5% only.

Perhaps, the school officials of the other schools can also make such pronouncements to refute PPI's claim of the high tuition increase and which was their primary justification for the rehab.

 
At Wednesday, June 01, 2005 8:32:00 PM, Anonymous Anonymous said...

From PDI Cocktales written by Vic Agustin ---

"Heard through the grapevine

THE BOARDROOM shakeup in RCBC Securities is still far from resolved, with one of its directors, former congressman Jose Apolinario Lozada Jr., being the latest to leave the Yuchengco-owned stock brokerage firm.

The instability has already sent fault lines down the executive ranks."

Comment of blogger:

I tell you that this is confirmed. Congressman Lozada has resigned as President-CEO of RCBC Securities. Perhaps, he could not take what his bosses are doing. IS THERE SOMETHING COOKING AT RCBC SECURITIES WHICH HE IS OBJECTING TO? I heard from the grapevine that the P250M "donation kuno" of AY was the Congressman's idea and he did this in good faith. He wanted to have a win-win solution for this PPI problem. Among other things, perhaps, he did not like the idea of PPI now holding the release of payments to the planholders since they claim that the payment from the P250M is their own discretion. Maybe for him, the Yuchengcos went overboard.

 
At Wednesday, June 01, 2005 10:17:00 PM, Anonymous Anonymous said...

to my simple mind, i think the yuchengcos are dying laughing in their rcbc vault with every peso we paid for our preneed plans. simple, for every transfer, our money went, cling! commision to yuchengco! plan holders insurance? cling! malayan/yuchengcos commision!, trust fund? cling! cling! intersest, commision for rcbc/yuchengcos, ppi investment? clang! bang! bum! napocor stinky bond! yuchengcos underwriters/commision! around and down the drain we go, bone dry and they throw us from the frying pan to the firing coal. nada, because we're all bone and burned. and they go to judge barza to say they cant honor their commitment 'cause we're worthless anyway. yuchengcos way of doing business, smart ha? so people, insurance anyone for your life and nonelife? safe place for your cash and investment? go to the yuchengco group of company, if you're sick in the head!

 
At Wednesday, June 01, 2005 11:37:00 PM, Anonymous Anonymous said...

To continue and complete this thought, mentioned earlier in this thread:

"1. "Officials of pre-need firms led by the College Assurance Plan (CAP), Philam Plans and the Philippine Federation of Pre-Need Companies admitted at a Senate hearing yesterday that 35 to 40 percent of their plans had lapsed.

Sen. Mar Roxas said this translated to significant revenues for the pre-need firms.

"Knowing that 40 percent of them would not last two years... you used the plan holders’ money to fund all of your expenses, then it doesn’t cost you anything," Roxas told pre-need firms."

According to PPI's actuarial valuation report as of May 31, 2004 submitted to the SEC last year for their open-ended plans, PPI's actuaries considered these as the "lapse rates" (surrenders plus cancellations) for the plans under the 5-pay instalment mode:

1st year: 39%
2nd year: 13%
3rd year: 8%
4th year: 6%
5th year: nil

Total for the 1st 4 years: 66%

So, what does this all mean?

What was said during the Senate hearing apparently referred only to the FIRST year of instalment. But, as shown above, during the course of the 5-year payment mode, PPI actually predicted that 2/3 of all plans would have lapsed by the fourth year. Only 1/3 of all plans eventually were fully paid and, as such, be eligible to receive benefits in the future.

What happened to the money of the 66% which lapsed?

The answer is: "As a general rule, once a plan holder fails to make deposits on his or her plan during the payment period, the account is considered lapsed and all payments made are then forfeited in favor of the firm."

Do you fully understand that statement? "FORFEITED IN FAVOR OF THE FIRM" Why? According to their plan agreement, they did that "as liquidated damages". Why liquidated damages? How could they have been damaged in any way? All they were doing during the payment period was collect money!! They did not have to provide any benefits unless all installments were paid and even after full payment, the benefits would not be immediately due.

This confiscation of planholders' money due to their lapsation mechanism is what made this whole scheme a SCAM! None of that money went to the trust funds but to their pockets.

So, the P1.5 billion that Garcia earlier claimed as coming from their operating profit to subsidize the benefits of availing plans was all BS, pure and simple. That was planholders' money that they had confiscated anyway. And that was not all of it. They still had plenty more.

 
At Thursday, June 02, 2005 12:13:00 AM, Anonymous Anonymous said...

"Kaya nga payag kami sa spinoff kasi protected kami sa inyong peptrad. but with your maneuverings, pati kami nadadamay sa kalokohan ninyo."

Siguro kung ikaw ang naloko hindi ganyan ang sasabihin mo...hindi kami ang may kasalanan...biktima lang din kami dito...

 
At Thursday, June 02, 2005 7:11:00 AM, Anonymous Anonymous said...

Maurice Greenberg charged
SPYBIZ By S.A. Maguire
The Philippine Star 06/02/2005

According to the Asian Wall Street Journal, former American International Group (AIG) bigwig Maurice "Hank" Greenberg was caught on tape ordering traders to buy as much as half a million AIG shares to prop up the company’s market price and to keep the stock from falling below $66. The New York State Prosecutor Eliot Spitzer had already charged Greenberg and several AIG officers, accusing them of manipulating financial results, propping up the stock, hiding losses, and arranging a sham deal. AIG allegedly masked losses from its insurance underwriting operations by converting them into investment losses and initiated a deal with Berkshire Hathaway’s General Re to falsely inflate AIG’s reserves for property casualty claims. Greenberg, who is idolized by some Makati businessmen as their god for "transparency and good governance," was fired sometime in March as AIG’s CEO. If one would recall, Presidential Spokesman Ignacio Bunye was quick to defend Greenberg, saying "he was a valuable member of President Arroyo’s International Advisory Board. We trust that he will continue to serve on the International Advisory Board in his new capacity as non-executive chairman of AIG," Bunye said. Malacañang keeps on saying it will not tolerate any corruption and not meddle in cases involving people around them, yet it keeps coming to the defense of these so-called local and international presidential "advisers" being criminally charged in court for graft and corruption. This equivocal stance is puzzling a lot of people. It is no wonder then that the popularity and credibility ratings of Malacañang’s present occupant is quickly sinking like the Titanic.

 
At Thursday, June 02, 2005 7:14:00 AM, Anonymous Anonymous said...

This year, tuition increases for my 2 kids are 20% and 15%. ANO ANG MASASABI NG KOALISYON NI FREAKSHOW DITO?

 
At Thursday, June 02, 2005 7:16:00 AM, Anonymous Anonymous said...

Pacific Plans planholders seek SEC assistance in release of tuition
By Zinnia B. Dela Peña
The Philippine Star 06/02/2005

Planholders of Pacific Plans Inc. are urging the Securities and Exchange Commission (SEC) to direct the pre-need firm to immediately resume its tuition assistance to secure the education of their children.

The planholders formed CARE (The Coordinating Alliance for Reform and Empowerment in the Pre-need Industry) and the Alyansang Reporma at Ugnayang Galing at Aruga ((ARUGA) as recognized legal organizations to protect and promote the interest of Pacific Plans planholders.

They said that while they respect the power and prerogative of the SEC to take certain measures that it believes would protect the interest of the public, the revocation of the certificate of incorporation of Pacific Plans’ subsidiary Lifetime Plans Inc. has resulted in the suspension of Pacific Plans’ tuition assistance, to the detriment of thousands of the pre-need firm’s planholders.

"With school opening just around the corner, the grim scenario awaiting planholders is that the enrollment of their children would be left hanging in the vine of uncertainty while the commission and Pacific Plans engage in legal squabble," CARE and ARUGA said in a joint letter to SEC chairperson Fe Barin.

Both organizations noted that "many planholders are pinning their hope for such assistance to ensure the enrollment of their children this coming schoolyear and that such assistance should cover the whole schoolyear and not merely the first semester enrollment."

CARE and ARUGA said the SEC should ensure that the greatest number of beneficiaries would benefit from such assistance by making it, for the time being, equal in amount to all planholders regardless of the original terms of their contract.

They have also asked the SEC to clarify its May 24 order to assure planholders of both Pacific Plans and Lifetime Plans that their rights under the terms of their contracts would not be impaired.

SEC commission secretary Gerard Lukban, for his part, said Pacific Plans should not make the agency’s order an excuse for it to evade its contractual obligations to planholders. "I believe part of the order is to continue paying the tuition. It’s out of our jurisdiction now. Their planholders can approach the court to require Lifetime to continue paying.

Prior to the SEC order, Pacific Plans had distributed P591 million in cash to its planholders, P250 million of which came from the personal resources of former ambassador Alfonso Yuchengco, the patriarch of the Yuchengco Group of Companies.

Pacific Plans said it would provide a liquidity window of another P300 million to its traditional planholders should the court approve its rehabilitation plan.

Lifetime Plans has strongly opposed the SEC’s order, saying the commission committed grave abuse of discretion when it cancelled the registration certificate of Lifetime Plans.

The revocation of Lifetime’s registration was allegedly due to the firm’s failure to comply with the requirements on transfer of property for shares to support its capitalization.

In its motion for reconsideration filed with the SEC, Lifetime said the questioned order failed to sufficiently state and discuss the reasons for the revocation of the certificate of incorporation, leaving the company to merely speculate on the basis of the commission’s finding that its submissions were "insufficient."

Lifetime alleged that the SEC failed to comply with the requirements of due process, particularly the requirements of notice and hearing.

The company, however, stressed that it had sufficiently and timely complied with all the requirements of the SEC. It explained that its alleged failure to submit sufficient documentation is not even expressly provided for by the Corporation Code to justify the revocation of the certificate of registration of a corporation.

 
At Thursday, June 02, 2005 7:44:00 AM, Anonymous Gerry said...

In the end, we would just have to discern what course to take: fight it out in the courts - which might take years, including the filing of "criminal" charges against the owners or find a middle ground like having PPI pay us "now" rather than in 2010 when Yuchengco might be six feet under. For those who have the financial means to wait, the court option is viable, but for others who don't have a means that option of "waiting" would be a problem. There is NO doubt, PPI owes us according to what is written in the contract. But with the way things are in our justice system it would be "un realistic" to say a resolution could come earlier. This is only my opinion. If there are other courses of action then maybe we can share them here.

 
At Thursday, June 02, 2005 10:09:00 AM, Anonymous Anonymous said...

"This year, tuition increases for my 2 kids are 20% and 15%. ANO ANG MASASABI NG KOALISYON NI FREAKSHOW DITO?"

Ano ba ang reklamo mo? Kasalanan ba ng Coalition na tumaas ang tuition ninyo? Hindi ba dahil sa mga galaw ng Coalition na napilitan si Yuchengco na maglabas ng P250 million para sa ating lahat? Bakit mo naman babastusin si Philip Piccio na tumutulong sa ating lahat? Ikaw, mayroon ka na bang nagawa para makatulong sa laban na ito?

 
At Thursday, June 02, 2005 11:01:00 AM, Anonymous Anonymous said...

Never forget that PPI had enough funds in its trust for all plans. Never forget that it had an excess over ARLs until before the transfer of assets in 2004. Never forget that it had over a billion pesos net income before the 2004 transfer. Never forget that PPI/Yuchengco committed fraud and this was all documented even in earlier years when they asked for legal advice for their planned shutdown of PPI traditional plans.

 
At Thursday, June 02, 2005 12:05:00 PM, Anonymous Anonymous said...

"Kasalanan ba ng Coalition na tumaas ang tuition ninyo?"

Ay tanga! Eh yan nga ang basis ng rehab eh ang deregulation ng tuition. bakit ko naman sasabihin na kasalanan ng Coalition yan eh alam ko nman ang totoo.

Kaya ko tinatanong ang Coalition of the Boring is because ito ang sinasabi nyong wala nmang basis ang petisyon sa dahilang ito.

 
At Thursday, June 02, 2005 12:07:00 PM, Anonymous Anonymous said...

"Hindi ba dahil sa mga galaw ng Coalition na napilitan si Yuchengco na maglabas ng P250 million para sa ating lahat? "

Credit grabbing kayo talaga. Paano nyo nman nalaman na kayo ang dahilan? Unless hehehe! The way I see it, PATI ANG PAGUULAN NITONG MGA NAGDAANG ARAW EH AKUIN NYO NA RIN.

 
At Thursday, June 02, 2005 12:15:00 PM, Anonymous Anonymous said...

"Please note that Xavier School (the school that is always being mentioned when it comes to high tuition fees) has clarified that its average increase was only around 11% from early 90's to present. "

Pakitanong nga rin sa Xavier magkano ang tuition fees nila prior to this. Kaya ganyan 'kaliit' ang rates is because matataas na nun pa man ang tuition nila. If they increased it more than 11%, mawawalan sila ng enrollees.

 
At Thursday, June 02, 2005 3:54:00 PM, Anonymous Anonymous said...

I think Pacific Plans should review again their claim of a surge in tuition fee after the deregulation. The increase were mostly applied to MISCELLANEOUS fees and not the actual tuition fee. This makes a lot of difference. Also, I think at some point the schools also tried to be more prudent in increasing their tuition because they also aware of the plights of the parents. I think the huge increase were only true during the first few years of deregulation. However, todate I think most schools have not been increasing fees as much. Probably, someone can do research on this.

 
At Thursday, June 02, 2005 4:05:00 PM, Anonymous Anonymous said...

To the poster above:

Puro ka I think! Your presumptions are but worthless in your arguments. It would be better if you back it up with data, but I believe you've got nothing.

 
At Thursday, June 02, 2005 4:33:00 PM, Anonymous Anonymous said...

"I tell you that this is confirmed. Congressman Lozada has resigned as President-CEO of RCBC Securities. Perhaps, he could not take what his bosses are doing. IS THERE SOMETHING COOKING AT RCBC SECURITIES WHICH HE IS OBJECTING TO? I heard from the grapevine that the P250M "donation kuno" of AY was the Congressman's idea and he did this in good faith. He wanted to have a win-win solution for this PPI problem. Among other things, perhaps, he did not like the idea of PPI now holding the release of payments to the planholders since they claim that the payment from the P250M is their own discretion. Maybe for him, the Yuchengcos went overboard."

PSE INSIDE INFO: A day or two before Yuchengco's P250M "personal donation" was announced in Manila Pen, there was a cross transaction of almost P250M worth of PLDT shares in the PSE. Guess who the broker was? None other than RCBC Securities.

 
At Thursday, June 02, 2005 5:08:00 PM, Anonymous Anonymous said...

Re Xavier tuition fees, the contention of PPI and its paid hack is that tuition fees increased exorbitantly after the 1992 deregulation. So, Xavier came out to prove it's not true.

Now, if PPI wants to argue that the tuition was high prior to deregulation, then why did PPI sell plans that included Xavier? Alam nyo palang mataas na before 1992. Why didn't you just exclude expensive schools prior to 1992 from your trad plans? Did you run out of excuses about deregulation since Xavier was able to prove you wrong?

 
At Thursday, June 02, 2005 5:58:00 PM, Anonymous Anonymous said...

"Now, if PPI wants to argue that the tuition was high prior to deregulation, then why did PPI sell plans that included Xavier? Alam nyo palang mataas na before 1992. Why didn't you just exclude expensive schools prior to 1992 from your trad plans?"

There are no particular exclusions as schools were categorized based on their tuition fees at the time of availment. Thus, schools were named as to categories. To specifically exclude xavier and other expensive schools would be presumptive then as the tuition availments could have been made as the level of increase annually never exceeded 10% but with deregulation, the problem surfaced.

 
At Thursday, June 02, 2005 6:21:00 PM, Anonymous Anonymous said...

grabe, dati kunwari planholders daw sila to sway your opinion, ngayon, nambabastos na dito. is yuchengco running out of paid hacks that they have to hire those with little writing skills to further inflame the situation? hehehe.

mga tsong mga tsang, mag aral muna kayo ng basics ng propaganda kasi buking na buking kayo.

sasagot kayo para lang may masagot kayo. esep esep muna. na motive here is to convince people to join your camp,not to win arguments kaya walang bastusan. kung walang convincing mapost, antay muna o baka naman per line ang bayad sa inyo kayo kung anu ano ang pinopost nyo para may mapakain lang kayo sa mga anak nyo sa pamamagitan ng pagpuputa nyo sa internet. alam ba ng anak at pamilya nyo na eto ang trabaho nyo?

 
At Thursday, June 02, 2005 6:31:00 PM, Anonymous Anonymous said...

I have a plan with lifetime kaya eto ang sasabihin ko:
1. we never 'agreed' to the spin off. it was done and we were notified po. kaya dun sa nagclaim na he 'agreed' sa spin-off, medyo sobrang close mo yata sa yuchengco at tinanong pa nila permiso mo bago sila mag spin off.

2. Fixed plans are not in danger because under the law, each type of plans has its own trust fund at hindi pwedeng galawin nyan para ibayad sa ibang plans. This is precisely regulated by the law to make sure the contagion doesn't affect everyone and any miscalculation will be isolated in one type of plans only (eg. trad plans).

3. SEC order did not put in limbo the fixed plans and lifetime's employees. what it said that the spin-off is technically wrong and cancelled thereby reverting them back to PPI. read #2 again sakaling may gusto pang humirit about putting the 400,000 fixed plan in danger by the trad plan.

4. what the spin-off is trying to protect are not the fixed plans but the profit it will generate. since hindi nga pwedeng galawin ang trust fund ng bawat plans, these are safe but the profit from them are not. so the revenue to be generated by these fixed plan are now going to be liable in payment of the tradplans.

5. so will the payment to fixed plan be affected? hindi po, kasi nga may sariling trust fund in which they payment to fixed plan holders will be taken from.

6. sa mga nagsasabi na tumaas ng sobra ang tuition, check again, its mostly miscellaneous yung sobrang increase and these are not covered by the educational plans.

 
At Thursday, June 02, 2005 6:31:00 PM, Anonymous Anonymous said...

The presence of those who are obviously paid hacks of YGC only confirms the company is desperate to sway public opinion. How sad.

the more kayo mag ingay, the more nagmumukhang desperado si Alfonso 'mr. Integreedy' yuchengco.

this episode will cost them alot of money paying for paid hacks and envelopmental journalists. at least it creates employment.

in the street, I have yet to find a person willing to believe those 'pro-yuchengco' articles and arguments. sa press at sa internet lang nila pinapalabas na may silent majority. heheh, kung totoong meron, bakit nyo pa kelangan patulan tong mga nasa minority?? hindi talaga kayo consistent. all those time you spent here just to sway a few dissenters? cummon?! diba kayo na rin nagsabi walang fraud, PEP lang puro ingay? e di hayaan nyo na mag ingay ang PEP kung talagang confident kayo sa mga sinasabi nyo. hehehe, pero hindi nga kayo confident kaya nyo iniinvade tong message board.

hindi bobo mga tao, they see fraud when they see one. you can huff and puff and sow intrigues but you know your days are numbered. enjoy your payment while it last. some people will do anything for money. sabi nga, marami ang mga pokpok sa bansa, I suppose YGC just showed us how many white collar prostitutes there are.

Sige, magpost pa kayo para di magutom mga anak nyo. here's a brigther future for kids whose parents are ready to trade their souls for a few pence. musta mo na lang kami kay demonyo when you meet him (anyway matagal pa kasi hindi madaling mamatay ang masamang damo). paki sabi rin kay Alfonso na walang abogabogado sa langit. there will be no technicalities on the day of reckoning. kayo rin, tandaan nyo yan.

 
At Thursday, June 02, 2005 6:43:00 PM, Anonymous Anonymous said...

1. we never 'agreed' to the spin off. it was done and we were notified po. kaya dun sa nagclaim na he 'agreed' sa spin-off, medyo sobrang close mo yata sa yuchengco at tinanong pa nila permiso mo bago sila mag spin off.

If you did not agree, why then that you still have a plan with Lifetime. you should have pre-terminated it if you disagreed even after notification.

2. Fixed plans are not in danger because under the law, each type of plans has its own trust fund at hindi pwedeng galawin nyan para ibayad sa ibang plans. This is precisely regulated by the law to make sure the contagion doesn't affect everyone and any miscalculation will be isolated in one type of plans only (eg. trad plans).

Trust plans are for each product line. For education, the trust plan is combined for both trad and fixed value. If the spin-off was not made, the benefits for fixed value will be imperiled.

3. SEC order did not put in limbo the fixed plans and lifetime's employees. what it said that the spin-off is technically wrong and cancelled thereby reverting them back to PPI. read #2 again sakaling may gusto pang humirit about putting the 400,000 fixed plan in danger by the trad plan.

SEC order put in limbo because you cannot withrdaw unless approved by SEC. Read the column of Mareng Winnie. Reverting to PPI looks easy on paper but this is not possible. The contention of SEC is based on LPI's assumed insufficiency but is being contested.

4. what the spin-off is trying to protect are not the fixed plans but the profit it will generate. since hindi nga pwedeng galawin ang trust fund ng bawat plans, these are safe but the profit from them are not. so the revenue to be generated by these fixed plan are now going to be liable in payment of the tradplans.

You said it yourself. 'so the revenue to be to be generated by these fixed plan ... in payment of the tradplans.' Instead of paying for the fixed value plans which should be the case, you are espousing using this for the peptrad. totally unfair.

5. so will the payment to fixed plan be affected? hindi po, kasi nga may sariling trust fund in which they payment to fixed plan holders will be taken from.

Again, refer to #2

6. sa mga nagsasabi na tumaas ng sobra ang tuition, check again, its mostly miscellaneous yung sobrang increase and these are not covered by the educational plans.

Ha? bakit sa schools ng anak ko, Tuition ang tumaas. Try looking into other schools, lumabas ka naman sa Xavier.

 
At Thursday, June 02, 2005 8:05:00 PM, Anonymous Anonymous said...

I would say Xavier is NOT the most expensive school... Have you tried asking the tuition of Southridge and Woodrose??? Even La Salle and Ateneo's tuition are also higher than Xavier.

 
At Thursday, June 02, 2005 9:16:00 PM, Anonymous Anonymous said...

This year, tuition increases for my 2 kids are 20% and 15%. ANO ANG MASASABI NG KOALISYON NI FREAKSHOW DITO?

Anong school yan. Bakit sa ibaibat mga exclusive schools na pinasukan ng anak ko nasa 5% lang. lokohin mo sarili mo

 
At Thursday, June 02, 2005 9:42:00 PM, Anonymous Anonymous said...

I would say Xavier is NOT the most expensive school... Have you tried asking the tuition of Southridge and Woodrose??? Even La Salle and Ateneo's tuition are also higher than Xavier.

My son is studying at Southridge, perhaps the most expensive local school in the country. Checking the tuition fees I paid from year 1994 to present the average increase was only 10.54%. As far as La Salle Zobel is concerned,I understand from other friends the average yearly increase from 1992 till present comes to more or less about 10% too. So what is Pacific talking about 20-30% yearly increase done by schools, perhaps they are talking of only 1 out of this world school.

 
At Thursday, June 02, 2005 9:56:00 PM, Anonymous Anonymous said...

Why don’t we do it this way. Since Pacific continue use the runaway tuition fees as an excuse. Then open your books for us to see.. If everything was done above board then we will accept your propose rehab. Unfortunately, they just want us to accept their word for it. Smells like something fishy happened that’s why their reluctance.

 
At Thursday, June 02, 2005 10:12:00 PM, Anonymous Anonymous said...

why don't you try to call gilbert in his landline ( 837-2984 or at his cell 0917-8384691)so that you can tell / request everything you want for? sad to note that kakilala ka naman pala niya and yet ayaw mong magpakilala.

 
At Thursday, June 02, 2005 10:18:00 PM, Anonymous Anonymous said...

""Now, if PPI wants to argue that the tuition was high prior to deregulation, then why did PPI sell plans that included Xavier? Alam nyo palang mataas na before 1992. Why didn't you just exclude expensive schools prior to 1992 from your trad plans?"

There are no particular exclusions as schools were categorized based on their tuition fees at the time of availment. Thus, schools were named as to categories. To specifically exclude xavier and other expensive schools would be presumptive then as the tuition availments could have been made as the level of increase annually never exceeded 10% but with deregulation, the problem surfaced. "

Exactly! As you said, the schools were categorized based on their tuition fees. And Xavier proved that their increase was not excessive. So, what's your argument that the tuition fee of Xavier was high prior to deregulation? Didn't PPI just said they were the ones who categorized these schools based on tuition fees? If PPI made a mistake in categorizing, it's still their fault.

 
At Friday, June 03, 2005 9:32:00 AM, Anonymous non-ex said...

"Bakit sa ibaibat mga exclusive schools na pinasukan ng anak ko nasa 5% lang. lokohin mo sarili mo"

Eh exlusive nga kaya mataas na ang base kesa sa iba kaya umaagapay. Bakit ko nman lolokohin sarili ko eh ako nagbayad! Angat!

 
At Friday, June 03, 2005 10:16:00 AM, Anonymous Anonymous said...

"Ha? bakit sa schools ng anak ko, Tuition ang tumaas. Try looking into other schools, lumabas ka naman sa Xavier."

Anu po bang school ng anak nyo?

 
At Friday, June 03, 2005 11:28:00 AM, Anonymous Anonymous said...

Xavier kasi pinag-initan ng boss mo, or should I say, mga tuta ng boss mo. Xavier was quick to come up with a response to debunk your claims.

First, you said high increase after 1992. When that was proven false, now you have posts saying mataas na kasi yung base. But you said you classified the schools based on this base. So, what other excuse pa?

Wala na, so attack the planholders personally na lang. Kesyo they're rich. They're selfish. Patingin mo yung boss mo sa salamin. Who's rich and selfish?

 
At Friday, June 03, 2005 1:40:00 PM, Anonymous Anonymous said...

"Ha? bakit sa schools ng anak ko, Tuition ang tumaas."

Anu po bang school ng anak nyo?

 
At Friday, June 03, 2005 2:57:00 PM, Anonymous Anonymous said...

"Ha? bakit sa schools ng anak ko, Tuition ang tumaas."

Anu po bang school ng anak nyo?
Bakit po di nyo masagot, ulitin ko po.
Anu po bang school ng anak nyo?

 
At Friday, June 03, 2005 3:29:00 PM, Anonymous Anonymous said...

Bakit? Kahit di sabihin sa inyo nung tinatanong nyo, alam nyong totoo pinagsasabi nila.

 
At Friday, June 03, 2005 4:05:00 PM, Anonymous Anonymous said...

To the person who rudely commented "puro ka I think". This blog is a venue where one can bring up ideas and opinions. The person is merely raising a sound opinion. Let us avoid being nasty. Instead let us contribute to what will be helpful for the coalition. The discussion on Xavier and De La Salle tuition increase proves that the "puro ka I think" comment did have a point. May God be with you.

 
At Friday, June 03, 2005 5:43:00 PM, Anonymous Anonymous said...

"Bakit? Kahit di sabihin sa inyo nung tinatanong nyo, alam nyong totoo pinagsasabi nila."

paano po nating malalaman ang tutuo kung itinatago?

o baka naman di tutuo kaya wala masabi?

nagtatanong lang po.

 
At Friday, June 03, 2005 5:47:00 PM, Anonymous anonymous din said...

Anonymous said...
"Ha? bakit sa schools ng anak ko, Tuition ang tumaas."

Anu po bang school ng anak nyo?
Bakit po di nyo masagot, ulitin ko po.
Anu po bang school ng anak nyo?

To which another anonymous replied:
"Bakit? Kahit di sabihin sa inyo nung tinatanong nyo, alam nyong totoo pinagsasabi nila."

paano po nating malalaman ang tutuo kung itinatago?

o baka naman di tutuo kaya wala masabi?

nagtatanong lang po.

 
At Friday, June 03, 2005 6:13:00 PM, Anonymous vagabond said...

Food for thought

Thursday, June 02, 2005


IN FOCUS

Preneed firms’ ills crucible
for independent directors

By Dennis D. Estopace, Reporter

PROBLEMS hounding preneed industry leaders College Assurance Plans and Pacific Plans Inc. are putting to the test the business community’s system of independent directors, according to the self-styled high priest of corporate governance in the Philippines.

Jesus Estanislao, chair of the Institute for Corporate Directors, admitted the Asian financial crisis in 1997 and the rise in tuitions are not solely to blame for the problems ailing the preneed industry.

Estanislao blamed the heads of CAP and PPI for leaving independent directors in the dark about these firms’ financial condition.

“The problem I think in the case of Pacific Plans, to be specific about it, is that the independent directors were kept in the dark,” he told The Manila Times. “They [independent directors] really didn’t know what was going on, which is a no-no in corporate governance.”

Independent directors have a critical role to play in running a company, Estanislao said, adding that the Code on Corporate Governance provided for this check and balance.

Independent directors could be considered activists because they are tasked to go against the tide of groupthink. That is, when everyone else in the board is moving in one direction, the independent director should put on the brakes and ask the hard questions as to the consequences of such a move.

Independent directors “are supposed not to be influenced by ‘connivance or conspiracy’ among directors and management in connection with unethical, immoral or illegal transactions, particularly in the effort to increase or bloat shareholder value,” the International Academy of Management and Economics (IAME) said in a paper.

“This obsession for increasing ‘shareholder value’ has led to unethical and illegal accounting and financial practices of mega-corporations, which suffered bankruptcies,” the academy said.

In the United States, Enron Corp. and WorldCom Inc. are examples. In the Philippines, PPI and CAP appear to be competing to become the poster-boy of bad governance. PPI has filed for court rehabilitation, while regulators deemed CAP’s trust fund as insufficient to settle future maturing claims.

Finance Secretary Cesar Purisima said PPI’s problems could have been avoided if the independent director was more active in the decision making process.

But how can greater participation be ensured if the right information needed to act on the situation wasn’t given, he said.

Estanislao, who admitted to knowing several of the independent directors in PPI and CAP, said these people found out “about the filing for rehabilitation only in a meeting elsewhere.”

“So they had to go back to the office and check if it was really true. It was a clear indication that they really, really didn’t know—and that is a no-no,” he said.

The Code crafted by the Securities and Exchange Commission defines corporate governance as “a system whereby shareholders, creditors and other stakeholders of a corporation ensure that management enhances the value of the corporation as it competes in an increasingly global marketplace.”

The Code defines how sellers—the preneed firms’ executives—should interact among themselves with their buyers—in this case, plan holders who surrendered their trust to the company for promised benefits in the future.

But in withholding information from independent directors, the buyers were also put in the dark about their investments, Estanislao said. Consequently, the ills of PPI and CAP put to risk the reputation of people and businesses connected with them and what these companies represented.

“You need an independent director to say, ‘Hey there’s such a thing as reputation management’,” Estanislao said. “It can be very expensive in the sense of reputation of several people, especially the reputation of Ambassador [Alfonso] Yuchengco has been put on the line.”

The damage however is unlikely to end there. Apart from the hard-earned savings of plan holders that may be lost, other companies offering a similar investment proposition may take a hit—if they haven’t already.

Fearing a backlash, life insurance companies are distancing themselves from their preneed counterparts.

Top life insurance executives have begun an information blitz aimed at stemming the tide of withdrawals. They admit that potential clients have been hedging instead of buying plans.

The ripple effects of the preneed industry’s dilemma have yet to be felt throughout the business community.

Purisima, who is pushing for new regulation over the preneed sector, admitted a lot remains to be done in the area of corporate governance

 
At Friday, June 03, 2005 6:17:00 PM, Anonymous Anonymous said...

Mild run hits RCBC amid pre-need fiasco

By Jun Vallecera
Thursday, 06 02, 2005

More trouble at the Yuchengco Group of Companies, particularly its banking arm, the Rizal Commercial Banking Corp. (RCBC) which reportedly had been hit by withdrawals of some P14 billion as a consequence of its affinity to Pacific Plans Inc.

Initial reports claimed irate depositors withdrew life savings totaling some P40 billion and took them to rival banks for safekeeping but this was immediately disputed by industry officials who said the more accurate figure was substantially lower.

According to industry officials, some of the bank's account holders have withdrawn their money and began banking elsewhere before the reportedly snowballing dissatisfaction with the YGC turn nasty.

A prominent businessman who claimed to maintain an account worth several hundred million pesos with RCBC told reporters he finally withdrew the money and banked somewhere else soon after the Pacific Plans fiasco.

The businessman, who begged to remain anonymous, said the decision was precipitated by Pacific Plans' petition for rehabilitation, making the company's education plans he bought for his children virtually worthless.

Other industry officials sought by the Tribune for this story said the reported withdrawal of P14 billion raises a lot of questions which tends to cast doubt on its accuracy.

Officials said if that much money were withdrawn from the bank, then how does one account for the fact that RCBC “continues to be a net lender at the interbank market?”

This refers to a facility where banks temporarily short of cash for whatever reason tap or borrow from time to time.

As net lender, RCBC appear sufficiently flushed with cash at this point, reports about alleged withdrawals on a large scale notwithstanding.

Officials claiming to have verified these reports with the Bangko Sentral ng Pilipinas said the monetary authorities “have not had trouble with any bank.”

BSP officials refused to comment.

Nevertheless, industry officials said the absence of any request for assistance from the BSP does not disprove the reported withdrawal of an estimated P14 billion from RCBC.

 
At Friday, June 03, 2005 6:34:00 PM, Anonymous Anonymous said...

To all the YGC paid hacks:

You have your own site. Try buybackmypacificplan.blogspot.com. It has been around since may 20 and claims to be the voice of the silent majority-yes2rehab pa ang pangalan. The site is really silent. It has 1 post and about 8 comments. It is really silent there. Silent majority nga,eh. So far, 87 hits when i looked today.

The other site is the Party of Enlightened Planholders site at partyofenlightenedplanholders.blogspot.com. Why don't you go "enlighten" each other there instead of disturbing us here? Well, can't blame you. It is a lot more interesting here. Remember reading a comment there about walking into a time warp, parang daily express,times journal at bulletin today of martial law vintage daw yung blog kasi puro puri sa PPI or something to that effect.

So go, shoo, tsupi! shoo! play dead! roll over! shoo!

 
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At Saturday, June 04, 2005 2:27:00 AM, Anonymous Anonymous said...

Perhaps Xavier clarified that it's average increase was only around 11% since PPI was justifying the rehab in terms of % as well, and not absolute peso amounts. Why doesn't PPI then publish the actuarial valuations in peso terms and assumptions they had for the different levels (e.g. elementary, HS, College) per classification (e.g. exclusive1, exclusive2, non-exclusive, etc.). These peso amounts can then be compared with the actual tuition fees of the schools.

Since some of the expensive schools have disputed PPI's claim on high tuition increase in terms of %, this pro-YGC people now have a different excuse. Moreover, these people have been "demanding" the coalition to produce evidences to support its allegations on the fraud committed by the Yuchengcos. I now then ask PPI for the comparative analysis done between their tuition fee assumptions and the actual tuition fees from which they based their justification for the rehab.

 
At Sunday, June 05, 2005 1:33:00 AM, Anonymous vagabond said...

Everybody can talk about legalese and financial gobbledygook but it will still amount to BS. When you come down to basics, it will still come down to the basic issue of TRUST. Not the condom, the value of TRUST.

When you go to Jolibee, or McDonald’s and you give them your money, they give you a burger or a value meal, or whatever it is you bought and paid for. It is easy to see what your money’s worth.

When you go to Pacific Plans or Malayan insurance or RCBC, you give your money and all they give you is a promise that at some future date, they will give you such and such amount in return for the X amount you will give to them at this given date. In the case of Pacific Plans traditional planholders, the promise was for payment of school fees whatever they were at the time of availment.

You don’t really get anything except a PROMISE from the provider. That is the nature of PRE-NEED, INSURANCE, and BANKING. It is anchored on TRUST.

But now, it would appear that Pacific Plans, and whatever incarnation it is in now, chooses to renege on its commitment to its clients. This, after its clients had shelled out good money for its many sweet promises..

So what does this make of Pacific Plans, and the guys who backed it up? The guys who promised to fulfill the promises its agents made that the kids would go to school no matter what?

It would appear that the promises were empty, that the assurances that the YUCHENGCO name guaranteed fulfillment of the contract were not reliable. That indeed, The YUCHENGCO name was not worth the paper it was written on!

Whatever financial hurdy gurdy or legal gobbledygook they may invoke, the guys behind Pacific Plans will still have to go back to the basic question: They promised us that they would send our kids to school no matter what..

WE KEPT OUR PART OF THE BARGAIN, THEY SHOULD KEEP UP TO THEIRS. IT IS AS SIMPLE AS THAT.

Sunday, June 05, 2005 1:25:29 AM

 
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In other words, all these "fraud" threat is just trying to squeeze money out of the Yuchengcos to get them to pay up.

To whose expense? The other planholders in Lifetime Plans like me. I, along with other fixed value planholders, do not want to be part your battle. Your tactics are devious and selfish(only your concerns, not a single concern towards fixed value planholders in your group mail) and don't consider the general population of planholders in LPI.

To the poster of the abovementioned comment: We are not squeezing money out from the Yuchengcos. We are merely asking them to pay whatever they promised us in their contracts.
Di naman kayo ina-aya maging parte sa battle. Kung ang paniniwala niyo eh kami ay makasarili, opinyon niyo lang yan.

 
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